Local Business Gets a Minnesota SBA Loan
Business loans in Minnesota are hard to find these days. We take a look at one Minnesota business loan, provided by a Wisconsin bank, that was approved by the SBA.
By giving the right information to Alliance Bank, this Stewartville, Minnesota business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: GASOLINE SERVICE STATIONS
STEWARTVILLE, MN 55976
SBA Loan Lender
ALLIANCE BANK
103 S MAIN
COCHRANE, WI 54622
The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide debt financing to to our country's hard-working small business owners.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5541 - Gasoline Service Stations
Loan Approval Date
1/7/2000
Loan Approval Gross Amount
$427,000
Loan Approval from the SBA
Of the total $427,000 loan amount, the SBA guaranteed $320,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 8 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.
About This SBA Loan Information:
All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.
Related Links:
Role of Business Plan When Raising Money
Small Bank Loans in Cochrane, Wisconsin
Wisconsin SBA 7A Banks